Consumers have to brace for a hefty oil price hike of up to P1.10 per liter this week that reflects the movement of prices in the world oil market.
"Expect fuel prices to go up next week (August 3 to 9). Diesel will increase by P0.70 to P0.80 per liter. Gasoline will increase by P1 to P1.10 per liter," Unioil Petroleum Philippines said in its advisory.
A report by Reuters on Friday said world oil prices went up amid growing demand, with vaccinations seen to lessen the impact of renewed resurgence of COVID-19 infections worldwide.
According to Reuters, analysts believe increased vaccinations would limit lockdowns that could affect demand.
Meanwhile, the expected oil price increases this week are a reversal of the oil price rollback implemented by the oil companies last week.
On July 27, the oil companies rolled back prices by P0.75 to P0.85 per liter for gasoline, P0.60 to P0.70 per liter for diesel, and P0.60 to P0.70 per liter for kerosene.
These resulted in the year-to-date adjustments to stand at a total net increase of P12.85 per liter for gasoline, P10.30 per liter for diesel, and P8.70 per liter for kerosene.
Oil companies also raised the price of cooking gas or liquefied petroleum gas (LPG) over the weekend.
Petron Corp. announced it implemented a P3.35 per kilo increase (VAT-inclusive) in LPG prices effective 12:01 am, August 1.
Isla LPG, which markets the Solane cooking gas brand, also raised LPG prices by P3.27 per kg. This is equivalent to an increase of between P35.97 to P36.85 per 11-kilo tank used in households.
Petron likewise increased its autoLPG prices by P1.87 per liter.
"These reflect the international contract price of LPG for the month of August," Petron said in its advisory.